LifeX ETFs

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Date	Ticker	End Year	Inception As Of Quater	Inception Date	Horizon (years)	Distribution Rate At NAV¹	Distribution Type	% Return of Capital Proportion of each ETF’s intended distributions expected to consist of return of capital (i.e., principal) in the current calendar year, estimated as of the latest prospectus. See prospectus and 19a-1 notices for more information. Definitive tax information will be provided on a Form 1099-DIV.	30-Day SEC Yield Net investment income earned by the ETF over the most recent 30-day period, expressed as an annualized percentage rate based on the ETF's maximum offering price on the final day of the rolling 30-day period. The 30-day yield should be regarded as an estimate of investment income and is lower than the fund's distribution rate, which includes return of capital.	Expense Ratio	Distribution Rate At NAV^{2 (full)}	NAV	Monthly Distribution	Annualized Distribution	Investment Amount	Investment Amount	Market Price 1-yr (%)	Market Price 5-yr (%)	Market Price 10-yr (%)	Market Price Since Inception (%)	NAV 1-yr (%)	NAV 5-yr (%)	NAV 10-yr (%)	NAV Since Inception (%)	Explore Plan
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Distribution Path²

End Years 2035 – 2045:
Level-pay
End Years 2048 – 2065:
Front-loaded
Durable Income (LFDR):
Annually-resetting

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance for periods of less than one year are not annualized. Performance is shown net of fees. Performance data current to the most recent month end may be obtained by calling 855-609-3680.

Market-based performance reflects performance based on closing market price as reported by the exchange. 2048-2063 Longevity Income ETFs and Inflation-Protected Longevity Income ETFs originally operated as mutual funds prior to their conversion into ETFs in September 2024, and the Durable Income ETF originally operated as a mutual fund prior to its conversion into an ETF in December 2024. As a result, market-based performance reflects NAV-based performance prior to the respective conversion dates.

INVESTORS SHOULD CAREFULLY CONSIDER THE RISKS AND INVESTMENT OBJECTIVE OF (I) THE LIFEX 2035 TERM INCOME ETF, LIFEX 2040 TERM INCOME ETF AND LIFEX 2045 TERM INCOME ETF (EACH, A “TERM INCOME ETF” AND, TOGETHER, THE “LIFEX TERM INCOME ETFS”), (II) THE LIFEX DURABLE INCOME ETF (THE “DURABLE INCOME ETF”), (III) THE LIFEX LONGEVITY INCOME 2048 ETF AND EACH OTHER SERIES OF STONE RIDGE TRUST WITH THE SAME INVESTMENT OBJECTIVE AND STRATEGY THAT IS PART OF THE SAME FUND FAMILY (THE “LIFEX LONGEVITY INCOME ETFS”) AND (IV) THE LIFEX 2048 INFLATION-PROTECTED LONGEVITY INCOME ETF AND EACH OTHER SERIES OF STONE RIDGE TRUST WITH THE SAME INVESTMENT OBJECTIVE AND STRATEGY THAT IS PART OF THE SAME FUND FAMILY (THE “LIFEX INFLATION-PROTECTED LONGEVITY INCOME ETFS” AND, TOGETHER WITH THE LIFEX LONGEVITY INCOME ETFS, THE “LIFEX LONGEVITY ETFS” AND EACH, A “LONGEVITY ETF”), AS AN INVESTMENT THEREIN MAY NOT BE APPROPRIATE FOR ALL INVESTORS AND IS NOT DESIGNED TO BE A COMPLETE INVESTMENT PROGRAM. THERE CAN BE NO ASSURANCE THAT AN ETF WILL ACHIEVE ITS INVESTMENT OBJECTIVES. THE LIFEX LONGEVITY ETFS, LIFEX TERM INCOME ETFS AND LIFEX DURABLE INCOME ETF ARE COLLECTIVELY REFERRED TO HEREIN AS THE “LIFEX INCOME ETFS.”INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, AND CHARGES AND EXPENSES OF THE LIFEXINCOME ETFS CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUTTHE INVESTMENT COMPANY AND MAY BE OBTAINED BY VISITING WWW.LIFEXFUNDS.COM. THE PROSPECTUS SHOULDBE READ CAREFULLY BEFORE INVESTING.AN INVESTMENT IN THE LIFEX INCOME ETFS INVOLVES RISK. PRINCIPAL LOSS IS POSSIBLE.The purpose of each LifeX Term Income ETF is to provide reliable monthly distributions consisting of income and principal through theend of a calendar year specified in the ETF’s prospectus.Each Term Income ETF intends to make distributions for which a portion of each distribution is expected and intended to constitute areturn of capital, which will reduce the amount of capital available for investment and may reduce a shareholder’s tax basis in his or hershares.Each Term Income ETF intends to make an identical distribution each month equal to $0.8333 per outstanding share of the ETFthrough December of its specified end year. Unlike a traditional investment company with a perpetual existence, each ETF is designedto liquidate in December of its specified end year. However, due to certain risks impacting the market for the ETF’s investments, suchas the risk of a U.S. government default, it is possible that an ETF may run out of assets to support its intended distributions prior to theend of its intended term.The amount of each Term Income ETF’s distributions will not change as interest rates change. If interest rates increase, shareholdersface the risk that the value to them of an ETF’s distributions will decrease relative to other investment options that may be available atthat time, and that the market value of their shares will decrease.If interest rates increase, shareholders face the risk that the value to them of an ETF’s distributions will decrease relative to otherinvestment options that may be available at that time, and that the market value of their shares will decrease.The purpose of the Durable Income ETF is to provide reliable monthly distributions consisting of income and principal.In January of each year, the Durable Income ETF’s per-share distribution rate will be recalibrated based on current market interestrates to a level that the Adviser believes would result in the distribution of the vast majority of the Durable Income ETF’s assets over athirty-year time horizon. The Durable Income ETF will calibrate its distribution rate by calculating the payout rate of a 30-year Treasurybond ladder and adjusting for the Durable Income ETF’s unified management fee. The purpose of including a portion of principal in the Durable Income ETF’s distributions is to provide investors with a higher level ofcashflow than would be possible from distributing the Durable Income ETF’s interest income alone. The purpose of recalibrating thedistribution rate annually is to enable the ETF to operate and provide monthly distributions in perpetuity. As a result of returningprincipal and recalibrating annually, the ETF’s per-share distribution rate is expected to decline over time.While the Durable Income ETF’s investment strategy is expected to significantly reduce the variability of the annual recalibration, thereis nonetheless a risk that the Durable Income ETF may ultimately recalibrate its distribution rate to be higher or lower than expected asa result of fluctuations in market interest rates. For instance, the recalibrated distribution rates may be lower than currently estimated ifinterest rates decrease prior to a recalibration date. On the other hand, if market interest rates increase following a recalibration date,the value of the Durable Income ETF’s distributions, as well as the market value of the Durable Income ETF’s shares, will decrease.Similarly, if inflation is higher than expected, shareholders face the risk that the value of the Durable Income ETF’s distributions willdecrease relative to the cost of relevant goods and services.The purpose of each LifeX Longevity Income ETF is to provide reliable monthly distributions consisting of income and principal through the end of a calendar year specified in the ETF’s prospectus. The purpose of each LifeX Inflation-Protected Longevity Income ETF is to provide reliable monthly inflation-linked distributions consisting of income and principal through the end of a calendar year specified in the ETF’s prospectus.Each LifeX Longevity ETF intends to make distributions for which a portion of each distribution is expected and intended to constitute a return of capital, which will reduce the amount of capital available for investment and may reduce a shareholder’s tax basis in his or her shares.Each LifeX Longevity ETF is designed to make distributions at a rate calibrated based on the life expectancy of persons born in a specified calendar year (the “Modeled Cohort”), with the understanding that members of its Modeled Cohort are expected to be able to invest in a closed-end fund (each, a “Closed-End Fund”) that seeks to enable members of the Modeled Cohort to receive a higherlevel of monthly distributions during their lifetimes than those delivered by the corresponding LifeX Longevity ETF beginning in the year in which the Modeled Cohort turns age 80.

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Each LifeX Longevity ETF intends to make an identical distribution each month equal to $0.8333 per outstanding share of the ETF (multiplied, in the case of the LifeX Inflation-Protected Longevity Income ETFs, by an inflation adjustment as specified in the ETF’s prospectus, which is intended to reflect the cumulative impact of inflation since the launch of the ETF) through December of the yeartwenty-one years prior to the ETF’s end year. THEREAFTER, TO COUNTERBALANCE THE FRONTLOADING OF THE ETF’S DISTRIBUTIONS, EACH ETF WILL REDUCE ITS PER-SHARE DISTRIBUTION RATE TO $0.6250 PER SHARE PER MONTH (MULTIPLIED, IN THE CASE OF THE LIFEX INFLATION-PROTECTED LONGEVITY INCOME ETFS, BY AN INFLATION ADJUSTMENT AS SPECIFIED IN THE ETF’S PROSPECTUS, WHICH IS INTENDED TO REFLECT THE CUMULATIVE IMPACT OF INFLATION SINCE THE LAUNCH OF THE ETF).Unlike a traditional investment company with a perpetual existence, each LifeX Longevity ETF is designed to liquidate in the year that its Modeled Cohort reaches age 100, and there will be no further distributions from each LifeX Longevity ETF beyond that year. Each LifeX Longevity ETF’s distributions are designed to be sustainable until the year in which the applicable Modeled Cohort reaches age 100. However, due to certain risks impacting the market for the ETF’s investments, such as the risk of a U.S. government default, it is possible that an ETF may run out of assets to support its intended distributions prior to its intended term. Investors should consider the price of the ETF’s shares and the remaining term of the ETF at the time of their purchase when determining whether the ETF is appropriate for their financial planning needs.The planned distributions by the LifeX Longevity ETFs are not intended to change other than in connection with the reduction beginning in January of the year in which the Modeled Cohort turns 80. If interest rates increase, shareholders face the risk that the value to them of an ETF’s distributions will decrease relative to other investment options that may be available at that time, and that the market value of their shares will decrease. Similarly, if inflation is higher than expected, shareholders face the risk that the value to them of the ETF’s distributions will decrease relative to the cost of relevant goods and services.In the case of the LifeX Inflation-Protected Longevity Income ETFs, the amount of an ETF’s distributions will be adjusted for realizedinflation, not changes in market interest rates. If interest rates increase, shareholders face the risk that the value to them of an ETF’sdistributions will decrease relative to other investment options that may be available at that time, and that the market value of their shares will decrease. Additionally, each LifeX Inflation-Protected Longevity Income ETF will generally seek to fund its distributions and payments by purchasing Treasury Inflation-Protected Securities (“TIPS”) with cash flows that approximately match, in timing and amount, or in interest rate exposure, those distributions and payments. Because TIPS are only available in a limited number of tenors (i.e., lengths of time prior to expiration), this matching will only be approximate, and the ETF will need to periodically buy and sell securities issued by the U.S. Treasury, including TIPS, to fund any additional amounts needed to meet its distribution and payment obligations. This buying and selling activity exposes the ETF to interest rate and inflation risk, as changes in interest rates or expected inflation could make the securities it needs to purchase more expensive or make the securities it needs to sell less valuable. These risks are heightened in the early years of the ETF. These risks are also heightened in the case of a change to interest rates or expected inflation that disproportionately impacts particular tenors of U.S. Treasury securities (what is sometimes referred to as a “non-parallel shift”) because such a change could make the U.S. Treasury securities the ETF needs to buy more expensive without simultaneously making the U.S. Treasury securities already held by the ETF more valuable, or could make the U.S. Treasury securities the ETF needs to sell less valuable without simultaneously making the U.S. Treasury securities the ETF needs to buy less expensive.EACH LIFEX LONGEVITY ETF IS DESIGNED TO SUPPORT THE OPTION FOR MEMBERS OF ITS MODELED COHORT TO PURSUE HIGHER MONTHLY DISTRIBUTIONS THAN WILL BE PROVIDED BY THE ETF BEYOND AGE 80 BY INVESTING IN A CLOSED-END FUND. HOWEVER, THE CLOSED-END FUNDS MAY NOT BECOME AVAILABLE AS INTENDED, AND THERE IS NO WAY FOR INVESTORS TO ASSESS THE RISK THAT THE CLOSED-END FUNDS WILL NOT BE LAUNCHED. FOR EXAMPLE, THE ADVISER MAY DETERMINE THAT IT IS NOT APPROPRIATE TO LAUNCH THE CLOSED-END FUNDS IF THE ADVISER BELIEVES THERE MAY NOT BE A SUFFICIENTLY DIVERSE INVESTOR BASE, WHICH IS EXPECTED TO BE AT LEAST 100 SHAREHOLDERS. IN THE ABSENCE OF A CLOSED-END FUND, INVESTORS MAY REMAIN INVESTED IN THE RELEVANT ETF; ALTERNATIVELY, AN INVESTOR MAY SELL HIS OR HER SHARES, THOUGH INVESTORS MAY NOT HAVE AVAILABLE TO THEM AN ALTERNATIVE INVESTMENT OPTION THAT PROVIDES THE SAME LEVEL OF DISTRIBUTIONS AS THEY MIGHT HAVE BEEN ABLE TO RECEIVE IF A CLOSED-END FUND WERE AVAILABLE. SHARES OF THE ETFS MAY CONTINUE TO BE HELD BY A SHAREHOLDER’S BENEFICIARY OR MAY BE SOLD AT THE THEN-CURRENT MARKET PRICE. HOWEVER, A BENEFICIARY OF AN ETF SHAREHOLDER WILL NOT BE ELIGIBLE TO INVEST IN A CORRESPONDING CLOSED-END FUND UNLESS THE BENEFICIARY IS A MEMBER OF THE MODELED COHORT. THE CLOSED-END FUNDS WILL BE SUBJECT TO DIFFERENT AND ADDITIONAL RISKS AS WILL BE DISCLOSED IN THE CLOSED-END FUNDS’ PROSPECTUSES. UNLIKE THE CLOSED-END FUNDS, THE LIFEX LONGEVITY ETFS DO NOT PROVIDE LONGEVITY-LINKEDDISTRIBUTIONS AND DO NOT ENGAGE IN LONGEVITY POOLING. THIS IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES OF THE CLOSED-END FUNDS. A FORM OF A CLOSED-END FUND’S PROSPECTUS (WHICH IS SUBJECT TO REVISION) IS INCLUDED AS APPENDIX A TO EACH LIFEX LONGEVITY ETF’S PROSPECTUS.The LifeX Income ETFs invest in debt securities issued by the U.S. Treasury (“U.S. Government Bonds”) as well as money market funds that invest exclusively in U.S. Government Bonds or repurchase agreements collateralized by such securities. U.S. Government Bonds have not historically had credit-related defaults, but there can be no assurance that they will avoid default in the future.The LifeX Income ETFs are subject to risks related to exchange trading, including the following:

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Each LifeX Income ETF’s shares will be listed for trading on an exchange (the “Exchange”) and will be bought and sold on the secondary market at market prices. Although it is expected that the market price of ETF shares will typically approximate the ETF’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV.Although each LifeX Income ETF’s shares will be listed on the Exchange, it is possible that an active trading market may not bemaintained.Shares of each LifeX Income ETF will be created and redeemed by a limited number of authorized participants (“Authorized Participants”). ETF shares may trade at a greater premium or discount to NAV in the event that the Authorized Participants fail to fulfill creation or redemption orders on behalf of the ETF.Each LifeX Income ETF has a limited operating history for investors to evaluate, and new ETFs may not attract sufficient assets to achieve investment and trading efficiencies.For additional risks, please refer to the relevant prospectus and statement of additional information.The information provided herein should not be construed in any way as tax, capital, accounting, legal or regulatory advice. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. Opinions expressed are subject to change at any time and are not guaranteed and should not be considered investment advice.Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. Legal advice can only be provided by legal counsel. Before deciding to proceed with any investment, investors should review all relevant investment considerations and consult with their own advisors. Any decision to invest should be made solely in reliance upon the definitive offering documents for the investment. Stone Ridge shall have no liability to any third party in respect of this presentation or any actions taken or decisions made as a consequence of the information set forth herein. By accepting this presentation, the recipient acknowledges its understanding and acceptance of the foregoing terms.The LifeX Income ETFs are distributed by Foreside Financial Services, LLC

LifeX ETFs

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Distribution Path2

LFDR

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LIBD

Historical Performance

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Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LIAY

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LFBE

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LFBD

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LDRR

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LDER

Historical Performance

as of --/--/-- | Inception Date --/--/--

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Working with a professional?

Footnotes

DISCLOSURE

LDDR

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LFAI

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LIAX

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Footnotes

DISCLOSURE

LFBB

Historical Performance

as of --/--/-- | Inception Date --/--/--

Investing on your own?

Working with a professional?

Distribution Path²